Opinion

Editorials

M and M Cooperative paying out $1.6 million

Fort Morgan Times staff

Posted:
02/15/2013 09:33:22 PM MST

Updated:
02/19/2013 10:03:31 AM MST

More than 1,700 eligible patrons of M & M Cooperative will share in the distribution of $1.6 million in cash patronage and equity during 2013 based on business they've conducted with the company -- but those who are eligible must contact the company to get their shares.

"We're extremely proud that we can provide this tremendous return to our customers and owners," said Mel Domine, managing director. "One of the most important ways we help producers grow is by delivering an economic return on the business they do with M & M Cooperative. This -- along with the quality energy and crop inputs, crop marketing and services we provide year-round -- underscores the added value of being a cooperative system owner and customer.

"Through their ownership in a cooperative like M & M Cooperative, not only do they have access to products and services, they also share in our success and that of the integrated CHS system. This enables all of us to invest in the future of our local producers, this business and our community."

During 2013, M & M Cooperative will allocate a total of $4 million in patronage dividends to its eligible customers based on business done Sept. 1, 2011 -Aug. 31, 2012, of which $1.6 million is being paid out in cash.

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Overall, CHS expects to return up to a record $600 million during its 2013 fiscal year in cash patronage, equity redemptions and dividends paid on preferred stock to nearly 1,200 eligible cooperatives and nearly 50,000 individual members and others in 50 states. CHS net income for its fiscal year ending Aug. 31 was $1.26 billion.

Patronage is based on business done with CHS during fiscal 2012, while equity redemptions represent retirement of ownership in CHS earned in past years. Since it was established in 1998, CHS has returned more than $3.1 billion in cash to its owners.

If they have not already done so, individuals who have reached age 70 and representatives of the estates of deceased members are encouraged to contact any local M & M Cooperative office and request redemption forms for their equity. CHS makes equity redemptions to eligible individual direct members throughout the year, based on attaining age 70 or estate retirements, but potentially eligible individuals must initiate contact.

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